Learn Africa, Transcorp, others lead stock market’s N56 billion loss

Transactions on the trading floor of the Nigerian Stock Exchange (NSE) closed on a downward note yesterday, occasioned by sell pressure in some blue-chip stocks, especially Learn Africa and Transcorp Hotel, as market capitalisation depreciated by N56 billion.

Yesterday, the All Share Index (ASI) was down by 149.49 absolute points, representing an increase of 0.48 per cent, to close at 31,210.79 points. Similarly, market capitalisation decreased by N56 billion to close at N11.639 trillion.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are, Nestle Nigeria, Dangote Cement, Transcorp Hotel, Eterna and Guaranty Trust Bank.

Analysts at Afrinvest Limited said “Despite yesterday’s sell-offs, we expect positive corporate earnings releases to drive the performance of the equities market in the near term.”

Market breadth closed negative, recorded nine gainers against 20 losers. McNichol led the gainers’ table by 9.62 per cent to close at 57 kobo per share. Dangote Flour Mills followed with a gain of 8.42 per cent to close at N10.30 per share.

Ikeja Hotel appreciated by 7.98 per cent to close at N2.30, per share.

Sterling Bank rose by 5.93 per cent to close at N2.50, while NEM Insurance gained by 5.04 per cent to close at N2.50, per share.

On the other hand, Learn Africa led the laggards’ table by 9.66 per cent to close at N1.31. Transcorp Hotel followed with a loss of 9.24 per cent to close at 5.40, while Law Union & Rock Insurance shed 8.93 per cent to close at 51 kobo, per share.

Eterna dipped by 8.33 per cent, to close at N4.40, while Lasaco Assurance down by 6.06 per cent, to close at 31 kobo per share. Total volume traded declined by 53.1 per cent to 177.63 million shares, valued at N2.56 billion, and exchanged in 2,635 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 80.78 million shares valued at N1.8 billion. Sterling Bank traded 16.8 million shares worth N41.87 million and FCMB Groups transacted 12.13 million shares valued at N23.82 million.